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Pennygem
  • 1 year ago
People are starting to get creative to set foot on the property ladder and are exploring options like fractional homeownership and multigenerational homeownership. PennyGem’s Johana Restrepo has more.

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00:00People are starting to get creative to set foot on the property ladder.
00:07According to Forbes, people are exploring two options,
00:11fractional homeownership and multi-generational homeownership.
00:15Those exploring fractional homeownership can look into companies like Picasso,
00:20which helps people own second homes by allowing them to own a portion of a house.
00:25It sounds like a timeshare,
00:26but they specifically focus on family homes,
00:29and the amount of time you get to use the home depends on how much of the home you own.
00:34The minimum you're allowed to purchase is one-eighth.
00:37They handle everything for you, like legalities, payments and maintenance.
00:41You just have to really do your research,
00:43because some of the homes are valued as high as $750,000 a share.
00:49The New York Times reports that multi-generational homes,
00:52where two or more generations live together, are on the rise,
00:56because the cost of long-term care is rising and so are the prices of homes.
01:01If you think the process of buying a home with your family will be a positive experience
01:05and will be happy living with them, it's a win-win.
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